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AbakusFX Review - Is it scam or safe?

AbakusFx Review - is abakusfx.com scam or good forex broker?

RATING: 1.9 / 1 REVIEWS ForexBrokerz AbakusFX
AbakusFX is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Account type   Minimum deposit  Minimum trade size Maximum leverage Spread
Standard 100 0.01 1:500 from 1.4 pips

 

AbakusFX offers a single forex trading account type, which we will call Standard for convenience. It offers variable spreads, commission-free trading, high leverage levels up to 1:500 and the opportunity to trade in micro lots on the MetaTrader 4 platform.

 

In addition, this broker offers account management (PAMM) services, and runs an affiliate program.

 

Unfortunately, AbakusFX does not offer demo accounts and we could not test it services. Besides, the information on its website is rather scarce, which should raise a red flag that the broker might be a scam. 

 

Overall, AbakusFX’s trading conditions are typical: average minimum initial deposit required and high leverage levels offered. However, the typical spreads offered are above the average range of 1.0 – 1.5 pips for EUR/USD, and the broker admits acting as a counterparty to its clients’ trades.

 

The Company. Security of Funds

 

Company

Country

Regulation

Abakus Broker Ltd.

SVG

N/A

 

AbakusFX offers trading in around 60 currency pairs on the standard MT4 platform. Popular instruments, such as CFDs on indices, shares and precious metals are not available with this broker. The company behind the brand, Abakus Broker Ltd., is registered on ST. Vincent and the Grenadines (SVG).

 

SVG is a Caribbean island and an offshore zone, where FX and binary brokers can easily register and conduct their business without any regulatory supervision. Because offshore brokerages are not required to meet any capital adequacy requirements, to report positions, to apply client protection rules, etc., investing with such is extremely risky and we generally do not recommend it.

You’d better invest with brokers regulated by reliable authorities such as UK’s FCA, or Australia’s ASIC, for example. 

 

Despite its looser regulation, however, AbakusFX appears to be a decent broker, as we checked out a number of user reviews on some of the most popular forex sites.

 

Trading Platform

 

AbakusFX supports the most popular forex trading platform - MetaTrader 4 (MT4). It is equipped with technical analysis indicators, extensive back-testing environment, advanced charting package and a wide range of Expert Advisors (EA), allowing clients to automate their trades.

 

Here you may look up more forex brokers offering MT4 platform.

 

Methods of Payment

 

AbakusFX offers its clients the following payment modes: credit/debit card, bank wire transfer, and popular e-wallets Skrill, and Neteller.

 

Conclusion

 

AbakusFX is an offshore MT4 broker and market maker that offers forex trading, as well as portfolio management services. Apart from its offshore registration, the main disadvantages with regard to this broker is that its spreads seem a bit high, and its product portfolio is limited to currency pairs. Here are, in a nutshell, the pros and cons of AbakusFX:

 

Pros Cons
MT4 available  Registered offshore
Commission-free trading No CFDs available for trade
  No choice of trading platforms & accounts
  Market maker model

 

Latest news about AbakusFX
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Traders` reviews for AbakusFX

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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